W26: Shrimp Update

In W26 in the shrimp landscape, Vietnam's shrimp exports dropped by 34% in 2023, reaching only USD 1.2 billion. The United States (US), China, and Japan are the biggest customers, with the global economic downturn and rising inflation reducing purchasing power. It has significantly impacted the domestic price of raw shrimp, with slow exports and high harvests causing overpass. It was reported that Vietnam's shrimp export turnover decreased by 28% in May-23, reaching USD 331 million. This rate is lower than in previous months but still has the highest export turnover since the beginning of 2023. Sao Ta Food Joint Stock Company's shrimp export revenue is projected to decline in Q2 due to low demand, but recovery is also expected in Q2 due to festive season food demand in Vietnam. The Shrimp industry faces challenges due to the Enterocytozoon hepatopenaei (EHP) outbreak, but market improvement in Q3 and Q4 is also anticipated. China's imports increased 48% in May-23, reaching 415 mt. It is nearly double the imports of May-21, the second year of the COVID-19 pandemic. Ecuador remains China's largest supplier, accounting for 73% of the country's imports, ahead of India's 11. Chinese shrimp imports of Ecuadorian shrimp are up 57%, while Indian imports are just short of 50 mt. Meanwhile, Indonesia is the third largest shrimp exporter globally, with a small market share of around 6%. The Indonesian Vice President urged Indonesia to increase its shrimp market share and achieve a shrimp export target of USD 4.3 billion in 2024. The COVID-19 pandemic presents Indonesia's chance to recover and strengthen its fishery-food sector, including shrimp cultivation, aiming for export targets and establishing facilities.

India's seafood export target of USD 8.8 billion fell short in the 2022/23 season due to a decrease in demand. The US is still India's largest export market, followed by China and the European Union (EU). However, shrimp exports specifically experienced a decline to USD 5.48 billion, with the United States and China being the primary importers. India's shrimp exports in 2024 will exceed USD 5 billion. India exported 199.3 thousand tons of shrimp in Q4 2023, an increase of 4% in volume but a decrease of 6% in value YoY. It was reported that Iran exports shrimps to 21 countries and its farmed shrimp exports exceed 37 thousand tons in 2022, with major importers being Russia, the United Arab Emirates (UAE), China, Qatar, and Turkey. The Iranian Fisheries Organization aims to attract investors to diversify packaging and supply, focusing on Vannamei shrimp. In Argentina, the president of the Argentine Patagonian Chamber of Fishing Industries (CAPIP) questions the 5 thousand tons of shrimp quota distribution in Chubut province, arguing that arbitrary distribution deprives those with documented quotas and detriments to ships. The National Director of Fisheries Coordination and Inspection in Argentina suspended shrimp fishing in the northern-subarea 15 for 14 days due to high abundance and declining catches. Subarea 10 was closed due to L4 shrimp and smaller individuals. Ships were reallocated to remaining sub areas for continued fishing.